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Visualized: The 100 Largest U.S. Banks by Consolidated Assets

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The 100 Largest U.S. Banks by Consolidated Assets

The largest 100 banks in the U.S. hold a combined $18.8 trillion in consolidated assets, but recent collapses of medium-sized banks like Silicon Valley Bank and First Republic have caused worries throughout the banking world.

This visual using data from the Federal Reserve ranks the country’s 100 largest banks by the size of their consolidated assets.

ℹ️ Consolidated assets refers to the sum of all of the bank’s assets. As well as liquid cash, this includes non-liquid assets like stocks, bonds, property, and the subtraction of its liabilities.

The Top 100 Banks

America’s biggest bank is JP Morgan Chase with over $3.3 trillion in assets, with Bank of America trailing behind in second place with $2.5 trillion. Here’s a closer look at the numbers:

RankBank / Holding Co NameConsolidated Assets ($ Millions)
#1JP Morgan Chase Bank$3,267,963
#2Bank of America$2,518,290
#3Citibank$1,721,547
#4Wells Fargo$1,687,507
#5US Bancorp$590,460
#6Truist Bank$564,837
#7PNC Bank$556,314
#8Goldman Sachs$490,799
#9Capital One$469,432
#10TD Bank$401,245
#11Bank of NY Mellon$341,455
#12State Street$287,069
#13BMO Harris Bank$265,446
#14First Republic$232,944
#15Citizens Bank$221,955
#16First Citizens Bank$214,599
#17Fifth Third Bank$207,586
#18Morgan Stanely$205,845
#19Manufacturers and Traders Bank$202,363
#20Morgan Stanley Private Bank$195,667
#21Keybank$195,191
#22Huntington National Bank$188,441
#23Ally Bank$186,383
#24American Express$165,450
#25HSBC Bank USA$164,492
#26Regions Bank$153,125
#27Northern Trust$150,573
#28Discover Bank$130,703
#29Flagstar Bank$123,633
#30Santander Bank$105,314
#31MUFG Union Bank$99,964
#32City National Bank$96,370
#33Comerica Bank$91,259
#34Zions Bank$88,574
#35First Horizon Bank$80,465
#36Webster Bank$74,793
#37Western Alliance Bank$70,986
#38East West Bank$67,219
#39Valley National Bank$64,314
#40Synovus Bank$61,726
#41Umqua Bank$53,986
#42CIBC$52,146
#43Cadence Bank$51,693
#44Frost Bank$51,286
#45Old National Bank$47,554
#46BOK Financial$45,269
#47Pinnacle Bank$44,988
#48Southstate Bank$44,903
#49Pacific Western Bank$44,255
#50First National Bank of Pennsylvania$44,132
#51Raymond James Bank$43,359
#52Associated Bank$40,653
#53UMB Bank$40,354
#54Prosperity Bank$37,829
#55Hancock Whitney Bank$37,525
#56Barclays Bank$37,352
#57United Bank$37,095
#58TD Bank$36,460
#59Deutsche Bank$36,103
#60BNY Mellon$31,945
#61Commerce Bank$31,853
#62First Interest Bank$31,565
#63United Bank$30,108
#64Bank OZK$28,971
#65Firstbank$28,764
#66Texas Capital $28,592
#67First National Bank of Omaha$28,393
#68Glacier Bank$27,785
#69Simmons Bank$27,538
#70Fulton Bank$26,996
#71Arvest Bank$26,946
#72City National Bank of Florida$26,204
#73Ameris Bank$25,991
#74United Community Bank$25,815
#75First Hawaiian Bank$24,883
#76Bank of Hawaii$23,904
#77Eastern Bank$22,702
#78Centennial Bank$22,452
#79Washington Federal Bank$22,320
#80Cathay Bank$22,016
#81Customers Bank$21,768
#82Pacific Premier Bank$21,362
#83Stifel Banking and Lending$20,969
#84Bank of Hope$20,564
#85Atlantic Union Bank$19,990
#86Rockland Trust$19,445
#87Trustmark National Bank$18,875
#88Central Bancompany$18,850
#89DBA Independent Financial$18,793
#90First Merchants Bank$18,165
#91Mechanics Bank$17,946
#92Renasant Bank$17,479
#93Wesbanco$17,237
#94Tristate Capital Bank$17,050
#95First Financial Bank$16,857
#96Townebank$16,730
#97Bank of America$16,550
#98Wells Fargo$16,473
#99Citizens Bank$16,271
#100Bremer Bank$15,763

The first and second place banks combined account for around 30% of the consolidated assets on this list. On the flip side, the smallest bank is Bremer Bank at $15.8 billion in consolidated assets. While this seems small in the context of this list, there are actually thousands of even smaller commercial financial institutions in the country.

Many banks have seen significant changes to their ranking since the last Fed data at the end of 2022. BMO Harris moved up 10 spots, going from $177 billion in consolidated assets to $265 billion—an increase of 50%. In February, the bank acquired the San Francisco-based Bank of the West (which previously ranked 34th on this list).

First Citizens also saw its rank improve, going from 30th to 16th, thanks to the acquisition of the remnants of Silicon Valley Bank.

In May 2023, a planned merger between First Horizon and TD Bank was mutually terminated. The merger, had it gone ahead, would have seen TD Bank surpass the size of Capital One.

Banking Heavyweights

Typically, big banks are less of a risk for borrowers in terms of their liquidity, holding huge sums in diversified assets, whereas smaller and more regional American banks have a narrower margin for error. However, many other factors beyond size play into risk, like an institution’s loan portfolio or management style.

Volatility in the banking sector is expected to have implications on the wider economy. For example, bank lending capacity is expected to decrease by 1% this year, a shift which the IMF expects will take almost half a percentage point off the U.S.’ overall GDP.

The largest banks have set aside billions in anticipation of bad loans as a result of pressure from rising interest rates. JP Morgan Chase currently has $2.3 billion in provisions/reserves built. Here’s a look at some of the current reserves that banks have set aside based on most recent data:

BankReserves Built / Reserves ReleasedAs of
JP Morgan Chase$2.3 billionQ1 2023
Wells Fargo$1.2 billionQ1 2023
Goldman Sachs$972 millionQ4 2022
Citigroup$241 millionQ1 2023
Morgan Stanley$234 millionQ1 2023
Bank of America$124 millionQ1 2023

Bank Volatility

Small and medium sized banks (<$250 billion in assets) play an important role in the economy. Collectively, these banks are responsible for 45% of consumer lending and 80% of commercial real estate lending.

However, lending by these banks has been tightening up, given the current economic conditions and fears around bank collapses.

Overall, continued turmoil in the banking sector would likely reduce profitability for banks and ultimately slow economic growth.

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Economy

Economic Growth Forecasts for G7 and BRICS Countries in 2024

The IMF has released its economic growth forecasts for 2024. How do the G7 and BRICS countries compare?

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Faded horizontal bar chart visualization of G7 and BRICS countries' real GDP growth forecasts for 2024.

G7 & BRICS Real GDP Growth Forecasts for 2024

The International Monetary Fund’s (IMF) has released its real gross domestic product (GDP) growth forecasts for 2024, and while global growth is projected to stay steady at 3.2%, various major nations are seeing declining forecasts.

This chart visualizes the 2024 real GDP growth forecasts using data from the IMF’s 2024 World Economic Outlook for G7 and BRICS member nations along with Saudi Arabia, which is still considering an invitation to join the bloc.

Get the Key Insights of the IMF’s World Economic Outlook

Want a visual breakdown of the insights from the IMF’s 2024 World Economic Outlook report?

This visual is part of a special dispatch of the key takeaways exclusively for VC+ members.

Get the full dispatch of charts by signing up to VC+.

Mixed Economic Growth Prospects for Major Nations in 2024

Economic growth projections by the IMF for major nations are mixed, with the majority of G7 and BRICS countries forecasted to have slower growth in 2024 compared to 2023.

Only three BRICS-invited or member countries, Saudi Arabia, the UAE, and South Africa, have higher projected real GDP growth rates in 2024 than last year.

GroupCountryReal GDP Growth (2023)Real GDP Growth (2024P)
G7🇺🇸 U.S.2.5%2.7%
G7🇨🇦 Canada1.1%1.2%
G7🇯🇵 Japan1.9%0.9%
G7🇫🇷 France0.9%0.7%
G7🇮🇹 Italy0.9%0.7%
G7🇬🇧 UK0.1%0.5%
G7🇩🇪 Germany-0.3%0.2%
BRICS🇮🇳 India7.8%6.8%
BRICS🇨🇳 China5.2%4.6%
BRICS🇦🇪 UAE3.4%3.5%
BRICS🇮🇷 Iran4.7%3.3%
BRICS🇷🇺 Russia3.6%3.2%
BRICS🇪🇬 Egypt3.8%3.0%
BRICS-invited🇸🇦 Saudi Arabia-0.8%2.6%
BRICS🇧🇷 Brazil2.9%2.2%
BRICS🇿🇦 South Africa0.6%0.9%
BRICS🇪🇹 Ethiopia7.2%6.2%
🌍 World3.2%3.2%

China and India are forecasted to maintain relatively high growth rates in 2024 at 4.6% and 6.8% respectively, but compared to the previous year, China is growing 0.6 percentage points slower while India is an entire percentage point slower.

On the other hand, four G7 nations are set to grow faster than last year, which includes Germany making its comeback from its negative real GDP growth of -0.3% in 2023.

Faster Growth for BRICS than G7 Nations

Despite mostly lower growth forecasts in 2024 compared to 2023, BRICS nations still have a significantly higher average growth forecast at 3.6% compared to the G7 average of 1%.

While the G7 countries’ combined GDP is around $15 trillion greater than the BRICS nations, with continued higher growth rates and the potential to add more members, BRICS looks likely to overtake the G7 in economic size within two decades.

BRICS Expansion Stutters Before October 2024 Summit

BRICS’ recent expansion has stuttered slightly, as Argentina’s newly-elected president Javier Milei declined its invitation and Saudi Arabia clarified that the country is still considering its invitation and has not joined BRICS yet.

Even with these initial growing pains, South Africa’s Foreign Minister Naledi Pandor told reporters in February that 34 different countries have submitted applications to join the growing BRICS bloc.

Any changes to the group are likely to be announced leading up to or at the 2024 BRICS summit which takes place October 22-24 in Kazan, Russia.

Get the Full Analysis of the IMF’s Outlook on VC+

This visual is part of an exclusive special dispatch for VC+ members which breaks down the key takeaways from the IMF’s 2024 World Economic Outlook.

For the full set of charts and analysis, sign up for VC+.

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